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raising taxes not cutting spending. tax everything. but there are rich people who will avoid the obama tax increases the board of directors at costco will get a huge tax windfall by paying themselves a big dividend this year. and jim senegal, charlie monger, bill gates' father all on the board in favor of taxing the rich, really? and the debate on guns front and center. that murder-suicide involving the kansas city linebacker brings on the call for gun control and the possibility of head injuries in football and drugs and alcohol. all right, everybody, monday morning, "varney & company" about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba ding the great rrier reef with sharks, or jumping into the marke he goes with people he trus, which ishy he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what haens, which isn't rocketcience. it's just common sense, from td ameritrade. well, having a ton olocations doesn't hurt. a sant
leadership has said he now agrees with president obama on taxes. >> we agree with the president on that. >> congressman cole said he thinks the house of representatives should simply pass the bill that has passed the senate, preserving the current tax rates for all except those in the top brackets, which would revert to the clinton tax rates. the current rates are expected to expire on new year's eve, all of them, and congressman cole has decided it's time to face reality. >> these tax rates are going up automatically unless congress acts. to save as many of them as possible. >> the newest republican defector from grover norquist's pledge has instantly become as good a sales man for higher top tax rates as any democrat. >> right now, congress can pass a law that would prevent a tax hike on the first $250,000 of everybody's income. everybody's. even the wealthiest americans would still get a tax cut on the first $250,000 of their income. it's not like folks who make more than 250 aren't getting a tax break, they've getting a tax break on the first 250, just like everybody else. >> congre
're nowhere. >> reporter: president obama is looking for $1.6 trillion in new tax revenue over ten years. speaker boehner is offering half of that. there's $600 billion. the speaker says that's not enough. although he hasn't outlined what he thinks should be cut. if they can't avoid the fiscal cliff, it means on january 1st, every american will pay more income tax, between 2,000 to $2,200 for the average family. $500 billion in automatic spending cuts will go into effect. half of that at the pentagon. the other half coming in transportation, food safety and research. economists feel if washington can't strike a deal, the economy will fall back into recession and the unemployment rate will shoot up, rob and paula. >> tahman, the clock is ticking in all of this. where do the talks go from here this week? >> well, the white house said president obama presented his plan last week and the gop leaders shot it down. now, the ball is in the hands of the republicans. right now, it's all about the math. republicans may have to cave on taxes but president obama may have to accept deeper spending cu
on my taxes i promise. obama would have caught me by now. look at his proposal, 1.6 trillion tax cut. increase rates on the wealthy only. new stimulus program 150 billion. and he wants a blank cheque that. is not a serious proposal bob. >> it is not. you talk to people in the real world, not in washington, but in the real world, they say the numbers and how this is done, i don't give a damn. i just want them to fix it. what the republicans should do is say these are the things we are going to fix. these are the numbers and this is our proposal. >> sean: wait a minute, i don't think you are being fair in one sense. the republicans said to the chagrin of a lot of conservatives that revenue is on the table. obama has said, my way or the highway. his proposal, his budget plan that nobody voted for last year. >> yes and he's asking for more revenue on the debt ceiling he's saying abolish congress' authority to borrow. i want the authority to be in the white house for -- >> sean: obama not leading again. >> it is a giant problem. i am surprised he is out there treating this like a campaign
to break rank, saying he could support president obama's tax proposal. coburn joins a growing chorus of republicans from outside the house of representatives, urging house leadership to clear the way for a broad deal that would include tax increases on the wealthy. however, as we mentioned, according to "the new york times," speaker boehner is enjoying broad support from within his own caucus. and yesterday boehner stuck to his guns, favoring closing tax loopholes and capping deductions. to raising taxes. >> now, the revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> so could we just agree right now, everybody around the table, that both sides are talking about tax increases for the rich? >> i think so. >> it's just a difference between do you get tax increases for the rich? do you get the revenue by raising the top rate or by closing loopholes? i mean, that is
't want tax rates on upper income folks to go up. >> reporter: speaking at a factory, mr. obama argued that if congress can't get a deal, taxes will rise about $2,000 average for a family. of coal you get for christmas, that is a scrooje christmas. >> let's not kid ourselves. >> reporter: house speaker john boehner balked. >> increasing tax rates draws money away from the economy that needs to be invested in the economy to put people back to work. it is the wrong approach. >> reporter: bolder by his re-election, and criticized for being soft on republicans in the past, he drew a hard line, including $1.6 trillion in revenues, $600 billion in additional spending cuts, about half in medicare, and at least $50 billion infrastructure spending. >> we don't want to increase tax rates, we're not going to increase tax rates. and we want to do something about the spending problem. >> reporter: aides say senate minority leader mcconnell laughed after tim geithner showed him the offer thursday. today, confl republican goals remain the same, they say, serious entitlement reform, including higher p
is the president and ceo of kinex. >> good morning. >> president obama said a fam of four's taxes could go up. what impact does that have? >> it's fantastic to have the president our endorser in chief. when you remove that discretionary income and toys are a discretionary purchase as are other things. you are having some potential impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at the larger context. the larger context is we have a math problem. we have $2.5 trillion that we're taking in every year on the federal government and $3.5 trillion that we're spending. so, we're going to need a balanced approach of both revenue and spending cuts to teat there. so, that's what the president has been talking about and certainly something i can support. >> "the wall street journal" today senior administration officials say the white house not making any new offers until rep
't believe the latest white house proposal. the obama administration insists there's no deal without a tax increase. susan mcginnis is in washington with details this morning. susan, good morning to you. >> reporter: good morning, terrell. it may appear the two sides are nowhere but these talks are expected to pick up dramatically very soon. december is here and as they say here in washington the lawmakers can smell the jet fumes meaning the planes taking them home for their holiday recess. what we're hearing there should be a deal by christmas. the white house is already decorated for the holidays but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover. timothy geithner was on the hill last week to present the president's plan to congress. >> i was flabbergasted. >> reporter: president obama wants $1.6 trillion in new taxes on the rich. $400 billion in cu
. president obama's first offer fiscal cliff, higher taxes, new spending and power over the debt spending. and offered by tim geithner who had tax problems in the past and today president obama is it at a toy factory campaigning for new taxes on the rich. and joining us is julia. >> hi. stuart: how are you. >> i'm great. stuart: i can't believe that you, as a regular american, want to do this to america, do you? >> i think it's because-- i don't think that this is exactly what what's going to happen. stuart: you don't think that the president will actually do this. >> no, no, i think the president has learned to negotiate. what the president would do, he would start with sort of half a loaf and negotiate and give the republicans about 75% of what they wanted. i think he's finally understood if you want to actually get to at least halfway, you have to start at extremes and meet halfway. republicans have done this all along. stuart: you agree with me, if this plan, anything like it from the president, were imposed on the economy at this time it would lead to recession. >> i think that the p
& company" got right. the obama team wants to raise tax now, promises of entitlement reform later and ignore the debt. that's the fiscal cliff deal of the day and the market likes it and the numbers are 5, 16, 22, 23, 29, and the powerball is 6. you lost. the government won. "varney & company" is about to begin. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, . . >> . stuart: it's a modern day tea party. it's a revolt led by corporations. the wall street journal reports 173 companies announced they'll pay special dividends for shareholders before the end of the year because a big tax increase on dividends could be coming next year and many companies moving up regular dividends to save their taxpayers, to save taxpayers a lot of money. start with disney. it's raising its dividend and paying it out on december 28th. that's 1.3 billion dollars paid out in total, paid out under the current tax rate. and las vegas sands paying a special dividend, that's a o
is open to a deal that includes some new tax revenues. he's also said president obama has an incentive to allow the country to just go on over the fiscal cliff. and then blame the republicans for it. just before we went on air tonight, senator max bachus, who chairs the senate finance committee, a democrat, indicated that scenario isn't out of the realm of possibility. listen to how he put it. >> if the other side is completely intransigent that the president has probably no choice but to say okay, we're going to go over the cliff. that would not be my first preference. >> yeah. the senator pretty serious about that. bottom line, tonight both sides say that talks are stalled. the democrats are turning up the pressure on republicans. in a moment, our political panel will have some fun with this one, certainly about the president's opening offer, but first, congressman lee terry joins me live. i know there's a bit of a delay so i will ask the question, we can wait a moment and i will get your answer. i love it when politicians talk from the hip, especially using colorful language like "w
today about taxes. he said the obama administration will refuse any deal that keeps tax cuts in place for wealthy americans. republicans are meeting that idea with stiff resistance. >> reporter: with the clock ticking and the fiscal cliff looping closure he says the white house will only agree to a plan that includes higher tax rates. >> if they are going to force higher rates on all americans because they are unwilling for 2% of the americans, that is a choice they have to make. >> reporter: calling for $1.6 trillion in tax revenue. he insists the tax cuts must expire for the wealthiest americans. >> what we did is put forward a very carefully designed mix of tax reforms to put us on a path to fixing the debt. >> reporter: republicans did not welcome the proposal. >> i was disappointed by the president's proposal. i think it is a rerun of his budget patrol. it is $1.6 trillion. >> reporter: and expressing frustration with the lack of progress. >> i would say we are nowhere. >> reporter: he disagrees, pointing out the administration offered $600 billion in cuts to healthcare and other
will they tell president obama about the spending cuts and tax increases now just 28 days away? >> we must reign in our out of control spending. >> reporter: republicans have an offer, $800 billion in new taxes, half what the president wanted. $600 billion saved in part by making americans wait until they're 67 to get medicare. plus more cuts totalling $2.2 trillion. but no tax hikes for the wealthy. >> that's just not going to happen. >> reporter: the pentagon could take the biggest hit from president obama told defense experts monday, don't worry. >> even as we make very tough fiscal choices, we're going to keep investing in these programs. >> reporter: he went online on youtube and twitter explaining why he thinks the rich should pay more. going over the fiscal cliff could cost america jobs. >> we're only expanding 2% right now. it needs to be considerably higher to bring more people off unemployment. >> reporter: for the jobless, president obama is asking congress for millions more. and more on the president's plan which will pitch to governors today largely spares social security and medica
a competitive tax system and i think our slow going economy under president obama says we don't. >> the new york times though makes a mention of, just a sort of a passing mention in this massive article, by the way, about the need to cut spending like one or two sentences about the need-- >> and i think that milton freedman brought us, that spending is really the tax bill. it's just delayed. so, every toll the government spends eventually they're going to have to take it from someone, either in taxes or in inflation, so, this is why you're seeing a lack of business investment is because this massive spending and huge debt tells every business owner, every investor, big tax are are coming to eventually pay for this. >> what was the point of the piece? i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies to create an intellectual justification to raise taxes and in this case, they use the reagan years and often wen
what they say i see ae small business tax hike president obama is pushing. the president is skipping town also for a quick stop in northern virginia. there he will meet with a middle-class family to press congress to protect those making less than $250,000 per year for a tax increase by raising rates on those earning more. the white house demanding a tax rate increase. republicans will agree to increase taxes through eliminating deductions. even if they figure out taxes, democrats and republicans still have to resolve significant differences on entitlements. take a listen. >> it is not even the right thing to do first and foremost. visit the trophy that republicans want? is that what they want to do what is right to raise the rates? speak of the american people want us to fight to cut spending. it is a fight we are happy to have. >> a house aide said president obama and house speaker john boehner spoke on3 the phone yesterday afternoon, their first conversation a week and since republicans offered $800 billion in new tax revenue and more than a trillion dollars in spending cuts, repu
of negotiating a tax cut, and president obama gets to negotiate a tax cut with republicans, a lot more fun and easier to do than tax increases. i don't know they get more leverage in the new year with the possible exception that the fact that, you know, the debt ceiling will loom again, hitting that debt ceiling giving republicans some leverage down the road, but in the short term, you're right, the leverage goes more to president obama right now. >> i have fiscal cliff fatigue. thank you very much. >> sure. tracy: we all do, dennis, but we have to talk about it because congress has to deal with it. we have a new gallup poll showing 5 # 4% of the voters rate the honesty of members of congress below that of used car salesmen. dianne black of tennessee joins us from the home state to hear what the constituents are telling her. what are con constituents sayin? >> well, you know, i'm hearing -oth from my individual constituents and business owners they are really concerned about the spending problem in washington. that's not really talked about. there's a lot of focus on the other side, but th
barack obama suppresses his case today for a tax hike to help reduce the deficit. we are not insisting on rates just out of spite or any kind of partisan victory but rather because we need to raise a certain amount of revenue. >> and he made that pitch to several wealthy ceos he wants to raise taxes on the top 2 percent of income earners and he believes this will help raise the government's 16 trillion dollar debt coupled with spending cuts but the republican controlled house says the president has not responded to their latest proposal. >> i think we made a good-faith offer to avert the fiscal crisis and that offer included significant spending cuts and reforms and it included additional revenue and frankly it was the balanced approach mr. president has been asking for. erick kanter announced today there will be no adjournment into a credible solution to the fiscal cliff is found. >> house lawmakers proposed a bill today they claim will bring the costs under control and provide a safe retirement, it creates two groups of public employees those hired before 2011 and those hired sin
is a story titled online sales tax debate grows. states could collect revenue from out of state internet retailers. states can only bring in sales taxes from companies located within their borders. >>> fresh criticism of president obama and susan rice over the september 11th attacks in bengha benghazi. they got a vote of confidence at a cabinet meeting this past week. >> susan rice is extraordinary. couldn't be prouder of the job she's done. >> she appears to be the top candidate to replace hillary clintons a secretary of state. but could gop opposition change that. joining me is adam shif who said it's unfair to go after rice for information given to her by the cia. so your take on her chance of being approved by the senate. is this worth it to the president? >> i think she would be an extraordinary secretary of state. he ought to go forward and nominate her. it wouldn't be a slam dunk, but she's a strong candidate and would be confirmed. and when you look at the criticism of her, it's so completely unjustified. no one is critiquing her job as ambassador where she organized the sanction
ran on, elections of consequences. remember that famous soundbyte? obama ran on higher taxes for the wealthy and won. lz, shouldn't he be making the same argument? that is what he ran on. >> absolutely. you know what i find interesting, if you look at the statistics, many of the blue states that supported president obama are some of the richest states in the country. and so not only did you have him defeat romney pretty handedly in the electoral college, but people willing to sacrifice their own money to make sure that president obama, his policies made it to the white house. you know, it was the exact opposite in just the republicans. some of the red states were some of the poorest states in the country. so i think it is very interesting that when you see average american citizens who happen to be making a little bit more money willing to sacrifice for the good of the country, i think that's a good message and something to get behind and stand on. >> lz, our producers are here, can we keep them over the break? i want to be the mediator, do we have time for that? can we do th
owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that view that they should give into what the president is suggesting, at least temporarily, and continue to negotiate on the rest because there's a lot of political pain here for republicans if we do get to the point where we go over the cliff because of those higher tax rate pateryers, guys. >> all right, eamon. thank you. >> the talk continues, but none of it face to face. be sure to catch a live interview with on
including that one. >> mr. speaker, before the election you were asked whether if obama won, taxes would have to go up. you've made it sound like you would oppose that. now you've -- you're acknowledging that they will. >> the day after the election, i came here and made it clear that republicans would put revenue on the table. as a way to begin to move the process to get this resolved. >> right. so my question is, what -- what message do you have for people who look at the negotiating position and see that it's -- or believe that it's inevitable that you'll have to accept some compromise like the actual rates? >> revenue is on the table. but revenue was only on the table if there were serious spending cuts as part of this agreement. it has to be part of the agreement. we have a debt crisis. we're spending too much. and while we're willing to put revenue on the table, we have to recognize, it's the spending that's out of control. >> mr. speaker, roughly what size spending cuts do you think it would take to reach a deal on the fiscal cliff, and do you think that at least the promise of sp
taxes to that. tea party 2 will dwarf tea party 1 if obama pushes us off the cliff. >> so basically what grover nor 0 quist is saying there to the members of the tea party who were elected, have been elected, we'll take everybody who is against us into a primary on the right on the republican side. >> right. >> and so the threat has been issued already. >> that was the point. >> this is like political terrorism. >> well, it's certainly a clear bargaining position. i remember talking to a longtime member of the house running for the senate we were talking about something else, and i said is it worse than when you came in, which was in the late '80s? and he said the central difference is in the caucus, the republican kcaucus. the fear is not a democratic challenge, it's a primary challenge. it's the first time i heard the verb to be primaried. you can ask senator lugar about this. it's real. it's becoming increasingly difficult to cast one or two compromise votes even early on because of this he cecho chambe that kicks in and, to me, what's so scary about it is the president's second term
. he wants to add higher taxes to that. tea party, too, is going to dwarf tea party one if obama pushes us off the cliff. >>> another major story from the weekend, it was an emotional weekend in the nfl and in kansas city as the chiefs took the field on sunday just 24 hours after a tragedy involving a key member of their team. police say linebacker jovan belcher shot and killed his girlfriend, the mother of his infant daughter. minutes later he took his own life in the parking lot of arrowhead stadium where the chiefs play right in front of his coaches. nbc's tan trareporter. >> reporter: kansas city head coach romeo crennel wiped away tears on the sideline one day after witnessing linebacker jovan belcher taking his own life. >> i'm choosing not to answer any questions about what i saw yesterday. and i think that you will understand that, and hopefully you will respect my wishes on that because it wasn't a pretty sight. >> reporter: belcher shot himself here at this practice facility at famed arrowhead stadium. crennel told police the 25-year-old belcher thanked him and general manager
class family. danielle lee joins us from capitol hill. danielle? >> reporter: doreen, president obama said he's highlighting the impact of tax heights on the middle class. there's growing pressure to stop the campaigning and sit down face to face. avoiding the bickering on capitol hill today, president obama headed to northern virginia. he sat down with tiffany santana and her family to put a face on the fiscal cliff. >> for them to be burdened unnecessarily because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: tef any had used twitter to tell the president her family can't afford a tax increase. and the white house released this video. >> $2,000 for me would be paying a month's rent. >> reporter: back in washington, more gridlock. >> it's up to the republicans to decide how long it's going to take. >> the president actually isn't interested in a balanced agreement. >> reporter: with both sides stuck on tax hikes for the top 2%, economists wonder if lawmakers will reach a deal this y
's hostage taking. >> pelosi and other democrat respect pushing for president obama's plan. it would extend the bush tax cut for the middle class but raise taxes on incomes over $250,000 a year. republican senator jim demint calls the idea quote, outlandish. >> republicans should not be conceding that the federal government needs more money negotiating with ourselves and teating the president's proposal like it's serious. >> republican house speaker john boehner has come out against any tax hike and has refused to bring the democratic plan for a vote. >>> the dow fell almost 14 points. nasdaq lost 5 1/2. the s & p fell 2 1/2 points. >>> yahoo is buying another silicon startup. sunnyvale's yahoo acquired on the air today. the service enables users to hold online video chats in a talk show foremated. >>> a monstrous typhoon has killed 74 people in the philippines and the deattoll is expected to rise. 23 of the people drowned in flooding caused by the typhoon. the storm made landfall yesterday and some 60,000 people have fled to emergency shelters. the crowded shelters in this new video. the t
that president obama is getting a little cocky. >> working to get public support for the tax and spending proposal. president obama answered questions on twitter. how will you stop us from going over the fiscal cliff and will it involve significant deficit reduction. the president said i thought twitter was supposed to be fun. where are all of the crazy video. twitter boring. >> gretchen: it is an interesting concept instead of spending time twittering why not go and lead the discussion between the parties. >> steve: or the president went golfing three or four times . it would be great if he went golfing with john boehner. >> gretchen: as hong as they don't ask. here are the headlines. a scare for franky muniz who rose to fame for malkare olm in the middle. >> it is the video . desense -- desensitized to violence. how many have you had. >> gretchen: the 26 year old recovering after suffering from a min i stroke. they are awaiting results. they noticed that nuniz had trouble understanding word and speaking. >> brian: he has to take better care of himself. >> steve: meanwhile, a mother coul
. geithner will lunch with mitch mcconnell and then house minority leader nancy pelosi. president obama is signaling he's flexible on on where tax rates should go for the wealthiest americans. a return to the clinton era tax rates would have households pay between 36% to 39%. the president met with a group of 14 ceos wednesday afternoon. they offered support for resolving the if i can crisis with a proposal for higher taxes for those who make more than a quarter million dollars a year. sdl bo >> both sides have acknowledged that there will be revenue concessions and sbilgtment cent concessio concessions. i'm not a master of the political art here, but i would say if you have these point of views in a business context as close as they are, i would say a deal would be in reach. >> ford chairman bill ford junior agrees with blankfein saying he's confident the obama administration can reach a deal with congress to avoid the fiscal cliff. but speaking with reporters in bangkok, he says the automaker is prepared for any outcome. cnbc has learned the completion of the so-called volcker rule is
're hearing the obama administration released a budget that includes over a trillion dollars worth of tax hikes just as we inch toward the fiscal cliff with no compromise in sight. peter doocy is at the white house with the latest. peter? >> and the two numbers you need to know to best understand the president's proposal to avoid the fiscal cliff are 1.6 and 400. as in $1.6 trillion in new taxes now and $400 billion in spending cuts later. the white house also wants a new multi-year stimulus plan that's going to cost at least $50 billion in fiscal year 2013 alone and they want the ability to raise the debt ceiling on their own unless two-thirds of congress votes against it. but republican leaders in congress are not happy with this proposal which was presented to them yesterday by treasury secretary timothy geithner. >> i'm disappointed in where we are and disappointed in what's happened over the last couple of weeks. going over the fiscal cliff is serious business and i'm here seriously trying to resolve it and i would hope
accept the bush tax cut last time. family went off and obama stayed behind. it's time so just accept it. >> brian: it is the same game. the house republican and the senate democrat and president is democrat. >> eric: i can't tell you how many shows i stayed until 11:59, live show for the debt creeling to hit or the government to shut down. government would shut down, 19:55 they fixed it. obama is say nothing, i need more. boehner is saying we are further than we have ever been. >> they know where they will meet in the middle. >> dana: i think they are farther apart than ever, actually. >> eric: you do? >> dana: i do. does it show you wouldn't -- >> kimberly: absolutely not. >> kimberly: bolling is the last to leigh the building and first to enter. maybe he doesn't leave at all. >> screaming headlines on fox news.com. this is not a game. clearly frustrated. you must be good in chess. you two steps ahead of everybody, what you just diagnosed. i manual you're good. the president is also playing -- >> bob: can suck up. >> brian: i usually wait for the breaks. but i just do things that threw
that the democrat party wants taxes for everybody. going over the cliff is a win. obama gets to raise taxes, which by the way include tax increases on middle class. >> no. >> sound byte: you have to make a pretense of paying for the welfare state. he does want more revenue but not to balance budgets. he wants more revenue to spinned it. >> he's lowering taxes on 98% of the people and raising it on the top 2% including people like rush limbaugh, which is why he's whiney. >> stephanie: too, it's even the very wealthy. it's only--the first $250,000 of your income. >> right. >> stephanie: it's amazing that all of this heat and noise over all this when it's not--as the president often said it's asking the rich to pay a little bit more, and it literally is a little bit more. like we're going back to eisenhower tax rates? >> not even close. not even kennedy tax rates. >> stephanie: yes, you still get the tax cut. that's what he was saying, the first $250,000 of your income which even wealthy people. >> which is absolutely fair. >> stephanie: peter johnson whose name is peter johnson. >> sound byte: same
, which president obama has called a nonstarter. so what if we raised taxes a little bit? still be much lower than what americans paid just a generation ago. in 1980, the wealthiest americans paid a marginal tax rate of 70% of their income to uncle sam. now, tax reform under president reagan reduced that rate to 50% and in 1981, and closer to current levels in 1986. today, president obama wants to let the bush era tax cuts expire for wealthy americans only, taking up their marginal federal tax rate from 36% to 39.6%. we're talking about a 3.6 percentage point uptick for households making more than $250,000 a year, only on every dollar they make above the $250,000 amount. starts 2 s at $251,000. it is on the money you make on the margin. now, while i totally agree every penny counts when it comes to your money, when you compare that to the taxes most americans paid out in past decades, when there was phenomenal economic growth, i don't get why republicans are screaming bloody murder about this 3.6%. what if we were all to chip in a little more. we need taxes, we need government programs,
, representative tim wall. putting forth the petition for the middle class tax cuts in the house. >> like that. >> stephanie: a little something for everybody this morning. here she is, jacki schechner for everybody. in the current news center. >> good morning, everybody! president obama is meeting with business leaders again today to talk about the consequences of going over the fiscal cliff. he's also claiming to call on congressional leaders to make sure we raise the debt ceiling without contention. the white house making the case that extending the bush tax cuts for the middle class is directly connected to the health of our businesses. companies need to know consumers will be able to spend and in his first post-election interview president obama again rejected the house republican counteroffer that is on the table. >> unfortunately the speaker's proposal right now is still out of balance. we're going to have to see the rates on the top 2% go up and we're not going to be able to get a deal without it. >> let's hope he st
to your calls about the fiscal cliff and whether -- we told president obama is still the best way to go. remember there's some risk here. the risk is if we do go over the cliff, allow taxes -- that means taxes on every american will go up. every taxpayer will go up first of the year. not just on the top 2%. and somebody's going to get the blame for that. we're counting on the republicans -- americans knowing that republicans are to blame. is that the case? do you agree. 1-866-55-press. is that what the president ought to do. 1-866-55-press. one thing you ought to -- before we get back to your calls urge you to consider, particularly if you are one of those families struggling to make ends meet at the end of every month and who's not, take a look at incomeathome.com. no obligation. just check it out. they're america's leading work from home business and they're offering you an opportunity you can do. in matter your age education or experience, you can literally earn money on your own laptop from your own kitchen ta
that issue. with the deal that involves raising tax rates president obama is ready over the cliff. joining as well, congresswoman martian blackwell. if given a choice would you take no deal of fall and over the cliff or you take a deal that includes higher tax rates on the rich? >> to raise tax rates on anybody is the wrong step. what we have said for a long time is cut the spending. look at revenue. stuart: i have today on this. would you absolutely positively say no, i will not vote for raising tax rates on the rich. i would rather go over the fiscal cliff. >> i don't want to go over the fiscal cliff, but i am not for raising the tax rates. you are not getting to the heart of the problem. it is continuing to sweep of the rock. stuart: you may come to a point where that is the twisted your facing. if he don't say yes on raising tax rates we will go over the cliff. when the going to do if push comes to shove at the very end of this month. >> and what we're trying to do them all we have been trying to do for years is to not come to this point. had we been addressing the need for a pro-growt
: president barack obama has made his plan to avert the fiscal cliff very clear. he wants to raise taxes now. and, by the way, he'll get back to us with how exactly he intends to cut spending later. that's why speaker of the house john boehner told reporters no substantive progress has been made. president obama has no interest in reducing the size of the federal government. now democrats before him he's dangling the prospect of future budget cuts in the hopes republicans will take the bait. with that in mind, it's important to remember the words of president ronald reagan, he wrote them in his own autobiography, and described in great deal a deal he struck with the democrats in 1980s, promising $3 in spending cuts for every dollar in a tax increase. reagan wrote, the democrats reneged on their pledge and we never got those cuts. perhaps that's why some on the right are calling foul on these negotiations. >> the only secret talks have revealed, a government that skips from one crisis to the next. all of this secrecy allows the president to petition himself frankly and being in favor of a bal
was speaking up, speaking up, speaking up. at that point in protest against president obama's 2010 proposed tax deals compromise with the congressional republicans. technically, it wasn't an actual filibuster because he wasn't preventing republicans from speaking and doing business. he did go on for 8 hours and 37 minutes. no words on whether he used the sauna to dehydrate himself. i remember bernie sanders doing this and my twitter feed going nuts with enthusiasm after two years of saying we should get rid of the filibuster. then it was like go bernie, go bernie, go. i thought, we like it when it's our guy doing it. >> that's where we get the distinction. when i say filibuster, i'm knot talking about holding the floor. that's great. he had eight hours to get his point across. now the filibuster is i'm going to send an e-mail to mr. mcconnell, it's going to take 60 now. then you don't have that debate. you block it at the outset. we don't have that discussion. >> so it's changed. >> is that the reform that matters? i want to point out, there was another time when progressives got excited. that
to repeal these tax cuts. 60% of voters backed obama's reelection, a new poll suggests that -- >> including republicans. >> stephanie: yeah, he said republicans would take the bulk of the blame if this happens. i think we're in a strong position. >> i do too. >> stephanie: every time they talk on tv it's like lost lost lost lost you lost. this is the best thing chris, i have read thus far on this. [ ♪ patriotic music ♪ ] >> stephanie: fiscal cliff let's take the plunge in the l.a. times. the debt will fall social security and medicare will go on unharmed, and we'll go back to tax rates that work better than the current ones. many made a public plea to george w. bush not to enact these tax cuts. they said it would woesen the budget deficit decrease quality, and fail to produce economic growth. well what happened? [ bell chimes ] >> stephanie: exactly that. [ ♪ patriotic music ♪ ] >> stephanie: since then the budget deficit has ballooned, the economy has spiraled into the greatest decline since the great depression history has proved that 450 e
on the numerous expiring tax provisions and the sequester. and i believe president obama must provide leadership in those efforts. i've seen very little so far. last week i came to the floor to speak about the fiscal cliff and some of the concerns that i continue to have and hear about as i travel to wyoming just about every weekend. just got back from there a few days ago, and people are very concerned about the direction of the country and what may happen to all americans on january 1. last week on the floor i spoke about the president's proposal to raise taxes on people making more than $200,000 a year. in terms of spending next year, that tax increase would pay for just 6.8 days of what washington will spend. so the whole proposal that the president continues to make is basically enough to fund the government for not 52 weeks but one week alone. the tax increases that president obama is now trying to push through will really do almost nothing to reduce our national deficit and nothing to reduce our national debt. the white house and democrats in the senate are focused only on tax hikes while
president obama's proposal which includes a $1.6 trillion tax increase, a $50 billion economic stimulus package and new power to increase the debt ceiling without congressional approval. the offer featured higher tax rates for households making over $250,000 a year. a one year postponement of the sequester and about $400 billion in savings over ten years for medicare and other entitlement programs. >> despite the claims that the president supports a -- >> thousand is the time fnow is republicans to move past the happy talk about revenues, ill defined, of course, and put specifics on the table. the president has made his proposal. we need a proposal from them. >> today president obama is taking his pitch on the road. he will be visiting the philadelphia suburbs employing campaign style tactics in hopes of mobilizing the public to his side. he'll be speaking at a manufacturing facility arguing that businesses it depend on middle class consumers over the holiday season. despite all this, you see the futures today indicating higher. dow up by about 35. does that surprise you guys? >> no, i
: is the media -- the media has been focused on the tax hikes and whether president obama is going to get them and not focused on spending cuts. is that because the republicans and the president agree the middle class needs those tax cuts and should get them. the only thing they disagree on is whether the rich should also have tax cuts given to them. the left is say we agreet middle class should get the tax cuts. so let's give them to them. >> you are comment is largely right. the republicans have gone along in a bipartisan manner with the idea there has to be revenue. the speaker has put forward a framework in which he agrees there should be $800 billion of revenue on the table. the problem is -- that's only 1/10 of the problem even if you use the cbo's number. if you raise the taxes on the top 2% you get $90 billion with the most generous estimates of added revenue. the deficit is $1.9 trillion. megyn: mark, the point that i'm trying to get to, is there some arrogance or bias, anything inappropriate about the media being oh focused on the tax debate as opposed to where are the spending cuts?
steps down to take an obama cabinet position. >>> another day, another republican jumping ship from grover norquist and his anti-tax pledge. this time it's new york congressman chris gibson who said that because of redistricting, he figures the pledge only applies to the area he was serving before. >>> and this was the photo op of the day. of course, vice president joe biden, he was shopping at the new costco in washington, d.c. he munched on some cookie samples, bought children's books, a tv set and apple pie. >>> remember this guy? the one who vowed to keep his romney/ryan campaign tattoo dispute the election results? reality has apparently caught up with him, and it's coming off soon. and that's your dish of "scrambled politics." >>> another day of fiscal cliff drama. stocks reversed early gains and fell shortly after house speaker john boehner dashed hopes that lawmakers were getting closer to agreeing on a year-end budget deal. but all three major markets did bounce back by the afternoon. >>> economic data was positive thursday, but we'll see what impact there is today from gri
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